Figure Technologies reported a 131% year-over-year increase in consumer loan marketplace volumes, reaching $2.71 billion in Q4 2025. This surge was driven by higher application approvals and an expanded network of lending partners. Adjusted operating metrics showed the company originated roughly 120,000 loans during the quarter, up from 52,000 a year earlier, positioning Figure for a potential revenue beat in its upcoming earnings release.

In December 2025, issuance of the company’s YLDS stablecoin climbed 198% month-on-month, bringing total outstanding supply to approximately $450 million. The spike in issuance reflects growing demand from institutional trading desks and decentralized finance protocols. Management forecasts that stablecoin revenues could account for 15% of total platform fees by the end of 2026, compared with just 5% at the close of last year.

FIGR stock has advanced over 46% year-to-date, propelled by solid preliminary operating data and a series of analyst upgrades. Three major brokerage firms raised their ratings during January, citing accelerating growth and improved capital efficiency. Consensus revenue estimates for full-year 2026 have been revised up by 12% over the past month, reflecting greater confidence in the company’s ability to scale its lending and blockchain offerings.

On January 15, Figure unveiled its On-Chain Public Equity Network (OPEN), a blockchain platform enabling direct stock lending between institutional participants without traditional intermediaries. Initial adoption metrics show over $200 million in lending commitments within the first week, with four major asset managers signed on. Management believes OPEN could generate incremental fee revenue of $50 million to $70 million in 2026, contingent on broader market adoption.